Economy

Union Government approves 21 FDI proposals worth Rs 281 crore

Union Government has approved twenty one proposals of Foreign Direct Investment (DI) amounting to over 280 crore rupees.

The approved FDI proposals were based on recommendations of the Foreign Investment Promotion Board (FIPB) taken in its meeting held on 30 April, 2015.

Some of approved FDI proposals are

  • La Renon Healthcare’s proposal to invest Rs 100 crore in a brownfield project.
  • Blue Dart Express’s proposal to acquire shares in Blue Dart Aviation Ltd and hike shareholding from 49 per cent to 74 per cent. It will infuse investment between 52.8 crore to Rs 69 crore rupees.
  • Quickjet Cargo Airlines proposal to increase foreign shareholding in the company to 74 per cent from 62.34 per cent. The deal will entail FDI worth 14.40 crore rupees.
  • Forever Living Imports (India) Pvt Ltd’s 18.30-crore rupees proposal to undertake single brand retailing of ‘Forever’ brand products in India.

However, FIPB has deferred 12 proposals including that of Mumbai-based Kotak Bank for increasing the aggregate foreign investment limit to 55 per cent in the bank.

FDI proposals approval

Presently, FDI proposals up to 3,000 crore rupees are cleared by the Foreign Investment Promotion Board (FIPB) under the normal approval route. However, those proposals involving FDI of more than 3,000 crore rupees are given final clearance by the Cabinet Committee on Economic Affairs (CCEA).

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Renowned American mathematician and Nobel Laureate John Nash passes away

Renowned American mathematician and Nobel laureate John Nash passed away on 24 May 2015. He was 86 and died in a car crash along with his wife Alicia Nash.

John Forbes Nash, Jr. was born on June 13, 1928 in West Virginia State of United States.

Work: He was renowned for works in game theory (mathematical study of decision-making), differential geometry and partial differential equations.

His theories (especially Nash Equilibrium in game theory) are used in modern computing, economics, evolutionary biology, artificial intelligence, accounting, politics and military theory.

Awards: In 1994, he shared Nobel Memorial Prize in Economic Sciences with game theorists Reinhard Selten and John Harsanyi.

In 2015, he was awarded the Abel Prize along with Louis Nirenberg for his work on nonlinear partial differential equations.

Paranoid schizophrenia: In 1959, he got mentally ill and had undergone treatment of Paranoid schizophrenia. Later in 1970s he had recovered from mental illness.

A Beautiful Mind: His breakthroughs in maths and his struggles with schizophrenia were basis for biography A Beautiful Mind written by Sylvia Nasar’s.

The biography was later adapted in movie starring Russell Crowe in 2001 with the same name. In 2002, the film had won four Academy Awards (Oscars) for Best Picture, Best Director, Best Adapted Screenplay and Best Supporting Actress.

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China sets up largest gold sector fund for nations along ancient Silk Road

China has set up a gold sector fund involving 65 countries along the ancient Silk Road.  It has been set up in China’s northwest Xi’an city during ongoing forum on investment and trade.

The fund will be led by Shanghai Gold Exchange (SGE) and is expected to raise 16.1 billion dollars in three phases. It should be noted that it is the largest fund set up by China in the gold sector.

Around 60 countries which fall along the routes of 21st-Century Maritime Silk Road (MSR) and Silk Road Economic Belt have invested in the fund.

This fund will facilitate gold purchase for the central banks of member states to increase their holdings of the precious metal. It will be also invested in gold mining in countries along the Silk Road and also to increase exploration in countries such as Afghanistan and Kazakhstan

At present, China is the world’s largest gold producer and also a major importer and consumer of gold. But its share in international gold trade is very small and does not have a big say in gold pricing.

By setting up this fund China is seeking to increase the influence of its domestic currency Renminbi (RMB) in the international gold pricing by opening the domestic gold market to international investors.

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